Formerly Uranium Resources, Inc.

Industry Terms

Claim

A mining claim is a tract of public land, the right to mine of which is held under the Federal General Mining Law of 1872 and applicable local laws.

Cut-off grade

Cut-off grade is determined by the following formula parameters: estimates over the relevant period of project costs, ore treatment costs, general and administrative costs, refining costs, royalty expenses, process and refining recovery rates and uranium prices.

Gross acres

Total acres under which we have mineral rights and can recover uranium.

Lithium-enriched brine

Naturally occurring brackish (salty) groundwater that contains dissolved lithium.

Mineralized material

A mineralized body which has been delineated by appropriately spaced drilling and/or underground sampling to support a sufficient tonnage and average grade is classified as “mineralized material” under US SEC definitions. Such a deposit does not qualify as a reserve, until a comprehensive evaluation based upon unit cost, grade, recoveries, and other material factors conclude legal and economic feasibility.

Net acres

Actual acres under lease which may differ from gross acres when fractional mineral interests are not leased.

Ore

Naturally occurring mineralized material of sufficient concentration and size from which a mineral or minerals of economic value can be extracted at a reasonable profit.

Over feeding

Operating enrichment plants in a manner that reduces plant operating costs but increases the amount of uranium required to produce a given quantity of enriched uranium.

PPM

“Parts per million” - A unit of measurement of the concentration of elements in rock, soil or water.

Reclamation

Reclamation involves the return of the surface area of a mine or wellfield operating areas to a condition similar to pre-mining.

Recoverable reserves

Reserves that are concentrations of minerals that are classed either proven or probable, are physically minable and can be profitably recovered under conditions specified at the time of the appraisal, based on a positive feasibility study. The calculation of usable reserves is adjusted for potential recovery and dilution.

Reserve

That part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination.

Resources

Resources are naturally occurring concentration of minerals in such a form that economic extraction is potentially feasible.

Restoration

Restoration involves returning a groundwater aquifer to a condition consistent with its pre-extraction use and removing evidences of surface disturbance. The restoration of a wellfield can be accomplished by flushing the ore zone with native ground water and/or using reverse osmosis to remove elements and components to provide clean water for reinjection to flush the ore zone.

Roll front

The configuration of sedimentary uranium ore bodies as they appear within the host sand. A term that depicts an elongate uranium ore mass that is 'C' shaped in cross section.

Shut in

A term that refers to ceasing production or the absence of production.

Shut-in royalty

A lease clause permitting the extension of a lease not held by production by payment of a per-acre royalty.

Slurry

Fine particles of materials concentrated and suspended in water.

Spot price

The price at which uranium may be purchased for delivery within one year.

Surety obligations

A bond, letter of credit, or financial guarantee posted by a party in favor of a beneficiary to ensure the performance of its or another party's obligations, e.g., reclamation bonds, workers' compensation bond, or guarantees of debt instruments.

Tailings

Waste material from a mineral processing mill after the metals and minerals of a commercial nature have been extracted; or that portion of the ore which remains after the valuable minerals have been extracted.

U3O8

Triuranium octoxide equivalent contained in uranium concentrates, referred to as uranium concentrate.

Uranium or uranium concentrates

U3O8 or triuranium octoxide.

Waste

Barren rock or uranium in a rock formation that is too low in grade to be processed and milled at a profit.